External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Thematic (Sector/Industry)

<ul><li>Strong AI demand remains the key driver supporting global equities.</li><li>US hyperscalers continue to commit substantial capex despite rising interest rates.</li><li>We remain positive on companies, sectors, and themes positioned to benefit from the spillover effects of AI capex. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Strong AI demand remains the key driver supporting global equities.US hyperscalers continue to commit substantial capex despite rising interest rates.We remain positive on companies, sectors, and themes positioned to benefit from the spillover effects of AI capex. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Equity Bottom-Up

<ul><li>A differentiated AI infrastructure player2Q26 review: In line with the consensus Samsung SDS posted 2Q26 revenue of W3</li><li>72tr (+6% YoY) and operating profit of W231.8bn (+1% YoY), both in line with the consensus</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

A differentiated AI infrastructure player2Q26 review: In line with the consensus Samsung SDS posted 2Q26 revenue of W372tr (+6% YoY) and operating profit of W231.8bn (+1% YoY), both in line with the consensusContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Samsung SDS (018260 KS/Buy)A Differentiated AI Infrastructure Player

<ul><li>We project global demand for AI computing capacity to reach approximately 187GW by 2030 and 285GW by 2032.</li><li>Training demand continues to grow, while inference demand should expand sharply amid a growing AI user base, the proliferation of agentic AI, and increases in both the number of model calls and token usage.</li><li>Even with improvements in compute efficiency, AI data center demand should continue rising. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We project global demand for AI computing capacity to reach approximately 187GW by 2030 and 285GW by 2032.Training demand continues to grow, while inference demand should expand sharply amid a growing AI user base, the proliferation of agentic AI, and increases in both the number of model calls and token usage.Even with improvements in compute efficiency, AI data center demand should continue rising. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Internet/Software (Overweight/Maintain)Identifying leaders in the AI data center space

<ul><li>The 3Q25 earnings season is set to kick off following the Chuseok holiday.</li><li>The consensus for Korean companies’ aggregate operating profit stands at W76tr (+18% YoY).</li><li>This figure has been revised up 1.9% over the past month, largely driven by Samsung Electronics (SEC) and SK Hynix. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The 3Q25 earnings season is set to kick off following the Chuseok holiday.The consensus for Korean companies’ aggregate operating profit stands at W76tr (+18% YoY).This figure has been revised up 1.9% over the past month, largely driven by Samsung Electronics (SEC) and SK Hynix. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Equity Strategy[October] Reduced Earnings Volatility Is the Key to a Re-Rating

South Korea

Samsung SDS Co., Ltd. provides information technology services, such as consulting and technical services. The Company also offers outsourcing services including application outsourcing, IT infrastructure outsourcing, and cloud computing.

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Samsung SDS (018260 KS)

Mirae Asset PlaybookOctober 2026

Strong AI demand remains the key driver supporting global equities. US hyperscalers continue to commit substantial capex despite rising interest...

Mirae Asset Securities